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The following interview is with an Australian-based funding executive at a nonbank financial institution. It was conducted on 20 March 2020.
On 26 March, Firstmac revealed plans for a potential Australian dollar denominated, prime residential mortgage-backed securities (RMBS) deal. ANZ, J.P. Morgan, National Australia Bank and Westpac Institutional Bank have been mandated to engage investors.
The following interview is with an Australian-based debt capital markets originator. It was conducted on 19 March 2020.
The Reserve Bank of Australia (RBA) extended its purchasing programme into semi-government bonds on 25 March. Despite the RBA buying across the sector, however, most semi-government yields ended the day wider.
The following interview is with an Australian-based fixed income investor. It was conducted on 19 March 2020.
The early signs for the Reserve Bank of Australia (RBA)’s asset purchasing have been positive, analysts say, and three-year government bond yield is already heading towards its target. The reserve bank has also begun buying further out along the curve. Attention is focused on longer-dated performance, along with potential semi-government bond purchases.
The following interview is with a funding executive at a European issuer in the supranational, sovereign and agency sector. It was conducted on 19 March 2020.
The following interview is with a funding executive at an Australian government-sector issuer. It was conducted on 19 March 2020.
On 23 March, KangaNews hosted a live dial-in featuring some of the leading market economists covering Australia. It was the same illustrious panel that was to be a highlight of the KangaNews Debt Capital Markets Summit – which had been scheduled for the same day. In a rapidly changing world, the economists provided insight into a unique and vast, but practically unquantifiable, risk.
The Reserve Bank of New Zealand added its voice to the global chorus of central banks implementing unconventional monetary policy measures with the launch of a large-scale asset purchase programme on 23 March. This is designed to reverse tighter funding conditions from the COVID-19 crisis.
The Australian Office of Financial Management released further details on March 20 about its A$15 billion (US$8.8 billion) fund to support authorised deposit-taking institutions (ADI) and nonbank lenders via purchases of asset-backed securities. The AOFM revealed it would “provide support primarily (but not exclusively) within the non-ADI market”.
In an extraordinary week for financial markets with multiple central bank interventions in response to the COVID-19 crisis, Australasian deal activity was muted. Bank of Queensland refinanced a residential mortgage-backed securities transaction and two supranational, sovereign and agency borrowers tapped the Kangaroo market.